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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-21786

 

Voya Global Advantage and Premium Opportunity Fund

(Exact name of registrant as specified in charter)

 

7337 East Doubletree Ranch Rd., Suite 100, Scottsdale, AZ 85258
(Address of principal executive offices) (Zip code)

 

Huey P. Falgout, Jr., 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, AZ 85258

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 1-800-992-0180

 

Date of fiscal year end: February 28

 

Date of reporting period: May 31, 2015

 

 
 

 

Item 1. Schedule of Investments

 

The schedules of investments as of the close of the reporting period are set forth below for:

 

Voya Global Advantage and Premium Opportunity Fund

 

The schedules are not audited.

  

 
 

  

  PORTFOLIO OF INVESTMENTS
Voya Global Advantage and Premium Opportunity Fund

as of May 31, 2015 (Unaudited)

  

 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: 97.3%         
      Brazil: 0.2%          
66,163     Petroleo Brasileiro SA ADR  $552,461    0.2 
                 
      Canada: 0.4%          
83,220     Barrick Gold Corp.   986,989    0.4 
                 
      China: 0.9%          
108,700     Tencent Holdings Ltd.   2,167,795    0.9 
                 
      France: 3.7%          
101,590     AXA S.A.   2,552,575    1.1 
17,024  @  Criteo SA ADR   817,663    0.4 
25,723     Societe Generale   1,198,539    0.5 
48,618     Total S.A.   2,453,524    1.0 
30,049     Vinci S.A.   1,781,579    0.7 
          8,803,880    3.7 
                 
      Germany: 4.7%          
13,781     Allianz SE   2,166,593    0.9 
19,520     Bayerische Motoren Werke AG   2,162,602    0.9 
76,391     Deutsche Bank AG   2,304,013    1.0 
15,363     Linde AG   2,951,911    1.2 
17,062     Siemens AG   1,797,787    0.7 
          11,382,906    4.7 
                 
      Hong Kong: 1.2%          
438,925     AIA Group Ltd.   2,881,338    1.2 
                 
      Israel: 1.7%          
23,457  @  Check Point Software Technologies   1,987,277    0.8 
34,482     Nice Systems Ltd. ADR   2,162,021    0.9 
          4,149,298    1.7 
                 
      Japan: 6.8%          
59,800     Japan Tobacco, Inc.   2,170,142    0.9 
5,300     Keyence Corp.   2,843,356    1.2 
446,300     Mitsubishi UFJ Financial Group, Inc.   3,290,929    1.4 
85,300     Sumitomo Mitsui Financial Group, Inc.   3,870,858    1.6 
59,400     Toyota Motor Corp.   4,097,442    1.7 
          16,272,727    6.8 
                 
      Malaysia: 0.0%          
100     Malayan Banking BHD   246    0.0 
                 
      Mexico: 0.7%          
12,408  @  Fomento Economico Mexicano SAB de CV ADR   1,103,071    0.4 
112,093     Grupo Financiero Banorte   632,497    0.3 
          1,735,568    0.7 
                 
      Netherlands: 1.5%          
12,994     Airbus Group NV   884,376    0.4 
108,808     Reed Elsevier NV   2,638,393    1.1 
          3,522,769    1.5 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)         
      Peru: 0.3%          
57,503     Cia de Minas Buenaventura SAA ADR  $644,034    0.3 
                 
      Poland: 0.4%          
8,316     Powszechny Zaklad Ubezpieczen SA   994,967    0.4 
                 
      Singapore: 1.1%          
167,000     DBS Group Holdings Ltd.   2,510,765    1.1 
                 
      South Korea: 0.7%          
1,430     Samsung Electronics Co., Ltd.   1,682,216    0.7 
                 
      Spain: 1.0%          
170,400     Telefonica S.A.   2,415,305    1.0 
                 
      Switzerland: 5.6%          
20,139     Cie Financiere Richemont SA   1,739,418    0.7 
52,070     Nestle S.A.   4,034,229    1.7 
47,722     Novartis AG   4,897,785    2.0 
9,216     Roche Holding AG - Genusschein   2,809,694    1.2 
          13,481,126    5.6 
                 
      Taiwan: 1.0%          
97,612     Taiwan Semiconductor Manufacturing Co., Ltd. ADR   2,370,019    1.0 
                 
      Turkey: 0.3%          
228,054     Akbank TAS   678,924    0.3 
                 
      United Kingdom: 8.1%          
375,721     Barclays PLC   1,555,868    0.7 
76,155     BG Group PLC   1,327,420    0.6 
355,381     BP PLC   2,459,137    1.0 
266,995     HSBC Holdings PLC   2,536,655    1.1 
137,584     Prudential PLC   3,428,525    1.4 
78,562     Rio Tinto PLC   3,435,862    1.4 
81,128     Scottish & Southern Energy PLC   2,064,531    0.8 
114,559     WPP PLC   2,706,590    1.1 
          19,514,588    8.1 
                 
      United States: 57.0%          
28,250  @  Adobe Systems, Inc.   2,234,292    0.9 
12,411     Air Products & Chemicals, Inc.   1,821,438    0.8 
15,833     Allegion Public Ltd.   988,612    0.4 
62,133     Altria Group, Inc.   3,181,210    1.3 
25,282     American Airlines Group, Inc.   1,071,198    0.4 
46,626     American Electric Power Co., Inc.   2,624,578    1.1 
12,619     Apple, Inc.   1,644,003    0.7 
140,398     Bank of America Corp.   2,316,567    1.0 
5,897  @  Biogen, Inc.   2,341,050    1.0 
69,684     Blackstone Group LP   3,052,159    1.3 
11,340     California Resources Corp.   89,019    0.0 

 

 
 

  

  PORTFOLIO OF INVESTMENTS
Voya Global Advantage and Premium Opportunity Fund

as of May 31, 2015 (Unaudited) (Continued)

 

Shares        Value   Percentage
of Net
Assets		 
COMMON STOCK: (continued)         
      United States: (continued)          
69,390     Carnival Corp.  $3,214,839    1.3 
23,100     Celgene Corp.   2,643,564    1.1 
111,738     Cisco Systems, Inc.   3,275,041    1.4 
81,496     Citigroup, Inc.   4,407,304    1.8 
57,445     Comcast Corp. – Class A   3,358,235    1.4 
41,638     CVS Caremark Corp.   4,262,898    1.8 
2,082     Cytec Industries, Inc.   125,940    0.1 
53,743     Delta Airlines, Inc.   2,306,650    1.0 
88,201     EMC Corp.   2,323,214    1.0 
75,462     Freeport-McMoRan, Inc.   1,482,828    0.6 
142,318     General Electric Co.   3,881,012    1.6 
27,195  @  Gilead Sciences, Inc.   3,053,183    1.3 
15,380     Goldman Sachs Group, Inc.   3,171,202    1.3 
4,256     Google, Inc. - Class A   2,320,882    1.0 
2,788  @  Google, Inc. - Class C   1,483,523    0.6 
56,860     Halliburton Co.   2,581,444    1.1 
22,992     Hess Corp.   1,552,420    0.6 
23,723     Honeywell International, Inc.   2,471,937    1.0 
32,499     Ingersoll-Rand PLC - Class A   2,235,281    0.9 
64,021     JPMorgan Chase & Co.   4,211,301    1.8 
17,409     Kellogg Co.   1,092,763    0.5 
55,189     Marathon Oil Corp.   1,500,589    0.6 
11,821  @  Medivation, Inc.   1,560,963    0.7 
70,420     Merck & Co., Inc.   4,287,874    1.8 
44,761     Metlife, Inc.   2,339,210    1.0 
82,152     Microsoft Corp.   3,849,643    1.6 
37,808     Mylan NV   2,745,995    1.1 
32,687     Nike, Inc.   3,323,287    1.4 
69,913  @  Nuance Communications, Inc.   1,179,432    0.5 
34,352     Occidental Petroleum Corp.   2,685,983    1.1 
87,312     Oracle Corp.   3,797,199    1.6 
154,770     Pfizer, Inc.   5,378,257    2.2 
45,909     PPL Corp.   1,593,501    0.7 
40,418     Procter & Gamble Co.   3,168,367    1.3 
27,744     Qualcomm, Inc.   1,933,202    0.8 
28,688  @  Sensata Technologies Holdings N.V.   1,580,422    0.7 
28,099     Target Corp.   2,228,813    0.9 
998     Transocean Ltd - RIGN   19,241    0.0 
44,622     Transocean Ltd.   841,125    0.3 
31,851     UnitedHealth Group, Inc.   3,828,809    1.6 
36,361     Walt Disney Co.   4,013,164    1.7 
55,439  @  Weatherford International PLC   766,167    0.3 
91,060     Wells Fargo & Co.   5,095,718    2.1 
3,325  @  Wesco International, Inc.   238,934    0.1 
21,265     Yum! Brands, Inc.   1,916,189    0.8 
          136,691,671    57.0 
                 
   Total Common Stock          
   (Cost $184,663,732)   233,439,592    97.3 
                  
   Assets in Excess of Other Liabilities   6,492,623    2.7 
   Net Assets  $239,932,215    100.0 

 

@ Non-income producing security.
 ADR American Depositary Receipt

 

 

  Cost for federal income tax purposes is $185,160,787.
   
  Net unrealized appreciation consists of:

 

Gross Unrealized Appreciation  $58,295,915 
Gross Unrealized Depreciation   (10,017,110)
      
Net Unrealized Appreciation  $48,278,805 

 

 

Sector Diversification  Percentage
of Net Assets		 
Financials   23.3%
Information Technology   16.0 
Health Care   14.0 
Consumer Discretionary   13.0 
Industrials   7.9 
Consumer Staples   7.9 
Energy   6.8 
Materials   4.8 
Utilities   2.6 
Telecommunication Services   1.0 
Assets in Excess of Other Liabilities   2.7 
Net Assets   100.0%

 

 
 

  

  PORTFOLIO OF INVESTMENTS
Voya Global Advantage and Premium Opportunity Fund

as of May 31, 2015 (Unaudited) (Continued)

 

Fair Value Measurements

The following is a summary of the fair valuations according to the inputs used as of May 31, 2015 in valuing the assets and liabilities:(1)

 

   Quoted Prices
in Active Markets
for Identical
Investments
(Level 1)		   Significant
Other
Observable
Inputs#
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Fair Value
at
May 31, 2015		 
Asset Table                    
Investments, at fair value                    
Common Stock                    
Brazil  $552,461   $–   $–   $552,461 
Canada   986,989    –    –    986,989 
China   –    2,167,795    –    2,167,795 
France   817,663    7,986,217    –    8,803,880 
Germany   –    11,382,906    –    11,382,906 
Hong Kong   –    2,881,338    –    2,881,338 
Israel   4,149,298    –    –    4,149,298 
Japan   –    16,272,727    –    16,272,727 
Malaysia   –    246    –    246 
Mexico   1,735,568    –    –    1,735,568 
Netherlands   –    3,522,769    –    3,522,769 
Peru   644,034    –    –    644,034 
Poland   –    994,967    –    994,967 
Singapore   –    2,510,765    –    2,510,765 
South Korea   –    1,682,216    –    1,682,216 
Spain   –    2,415,305    –    2,415,305 
Switzerland   –    13,481,126    –    13,481,126 
Taiwan   2,370,019    –    –    2,370,019 
Turkey   –    678,924    –    678,924 
United Kingdom   2,064,531    17,450,057    –    19,514,588 
United States   136,672,430    19,241    –    136,691,671 
Total Common Stock   149,992,993    83,446,599    –    233,439,592 
Total Investments, at fair value  $149,992,993   $83,446,599   $–   $233,439,592 
Other Financial Instruments+                    
Forward Foreign Currency Contracts   –    224,461    –    224,461 
Futures   32,361    –    –    32,361 
Total Assets  $150,025,354   $83,671,060   $–   $233,696,414 
Liabilities Table                    
Other Financial Instruments+                    
Forward Foreign Currency Contracts  $–   $(331,621)  $–   $(331,621)
Futures   (161,998)   –    –    (161,998)
Written Options   –    (1,160,713)   –    (1,160,713)
Total Liabilities  $(161,998)  $(1,492,334)  $–   $(1,654,332)

 

 

(1) For the period ended May 31, 2015 as a result of the fair value pricing procedures for international equities utilized by the Fund, certain securities have transferred in and out of Level 1 and Level 2 measurements during the period. The Fund's policy is to recognize transfers between levels at the beginning of the reporting period. At May 31, 2015, securities valued at $2,670,950 were transferred from Level 2 to Level 1 within the fair value hierarchy.
+ Other Financial Instruments are derivatives not reflected in the Portfolio of Investments and may include open forward foreign currency contracts, futures, centrally cleared swaps, OTC swaps and written options. Forward foreign currency contracts, futures and centrally cleared swaps are valued at the unrealized gain (loss) on the instrument.  OTC swaps and written options are valued at the fair value of the instrument.
# The earlier close of the foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim and may materially affect the value of those securities. To account for this, the Fund may frequently value many of its foreign equity securities using fair value prices based on third party vendor modeling tools to the extent available. Accordingly, a portion of the Fund's investments are categorized as Level 2 investments.

 

 

At May 31, 2015, the following forward foreign currency contracts were outstanding for Voya Global Advantage and Premium Opportunity Fund:

 

Counterparty  Currency  Contract Amount   Buy/Sell  Settlement Date  In Exchange For   Fair Value   Unrealized
Appreciation
(Depreciation)		 
                          
BNP Paribas Bank  Japanese Yen   9,121,438   Buy  07/31/15  $76,188   $73,549   $(2,639)
                           $(2,639)

 

 

 
 

 

  PORTFOLIO OF INVESTMENTS
Voya Global Advantage and Premium Opportunity Fund

as of May 31, 2015 (Unaudited) (Continued)

 

Counterparty  Currency  Contract Amount   Buy/Sell  Settlement Date  In Exchange For   Fair Value   Unrealized
Appreciation
(Depreciation)		 
                              
BNP Paribas Bank  Japanese Yen   9,121,438   Sell  07/31/15  $76,784   $73,549   $3,235 
BNP Paribas Bank  Israeli New Shekel   16,244,126   Sell  06/30/15   4,193,816    4,197,658    (3,842)
BNP Paribas Bank  Swiss Franc   12,984,823   Sell  06/30/15   13,698,602    13,829,305    (130,703)
BNP Paribas Bank  Japanese Yen   1,959,832,774   Sell  06/30/15   15,878,477    15,796,809    81,668 
BNP Paribas Bank  EU Euro   23,827,737   Sell  06/30/15   25,985,172    26,179,609    (194,437)
The Royal Bank of Scotland Group PLC  British Pound   13,305,758   Sell  06/30/15   20,471,986    20,332,428    139,558 
                           $(104,521)

 

 

At May 31, 2015, the following futures contracts were outstanding for Voya Global Advantage and Premium Opportunity Fund:

 

Contract Description  Number
of Contracts		  Expiration
Date		  Notional
Value		   Unrealized
Appreciation/
(Depreciation)		 
Short Contracts                
EURO STOXX 50®  (65)  06/19/15  $(2,542,889)  $18,457 
FTSE 100 Index  (48)  06/19/15   (5,109,372)   13,904 
Nikkei 225 Index  (15)  06/11/15   (1,243,000)   (91,791)
S&P 500 E-Mini  (33)  06/19/15   (3,474,900)   (70,207)
         $(12,370,161)  $(129,637)

  

 

At May 31, 2015, the following over-the-counter written options were outstanding for Voya Global Advantage and Premium Opportunity Fund:

 

Number of
Contracts		   Counterparty  Description  Exercise
Price		   Expiration
Date		  Premiums
Received 		   Fair Value 
Options on Indices                  
 1,200   Barclays Bank PLC  Call on Euro Stoxx 50® Index   3,650.304 EUR   07/02/15  $91,579   $(68,739)
 1,300   Citigroup, Inc.  Call on Euro Stoxx 50® Index   3,695.460 EUR   06/05/15   103,024    (10,568)
 1,200   Morgan Stanley  Call on Euro Stoxx 50® Index   3,641.860 EUR   06/19/15   107,521    (50,670)
 700   Barclays Bank PLC  Call on FTSE 100 Index   7,056.362 GBP   07/02/15   86,141    (66,604)
 700   BNP Paribas Bank  Call on FTSE 100 Index   7,095.016 GBP   06/19/15   79,721    (32,777)
 700   Citigroup, Inc.  Call on FTSE 100 Index   7,079.600 GBP   06/05/15   94,845    (14,780)
 25,300   Citigroup, Inc.  Call on Nikkei 225 Index   19,758.900 JPY   06/19/15   70,105    (184,222)
 25,200   Citigroup, Inc.  Call on Nikkei 225 Index   20,147.750 JPY   07/02/15   70,211    (138,619)
 24,300   Morgan Stanley  Call on Nikkei 225 Index   20,022.600 JPY   06/05/15   71,064    (115,024)
 11,200   Barclays Bank PLC  Call on S&P 500 Index   2,139.630 USD   07/02/15   252,563    (163,557)
 11,300   Citigroup, Inc.  Call on S&P 500 Index   2,104.070 USD   06/05/15   280,477    (182,940)
 11,200   Morgan Stanley  Call on S&P 500 Index   2,132.080 USD   06/19/15   245,168    (132,213)
        Total Written OTC Options  $1,552,419   $(1,160,713)

 

 
 

  PORTFOLIO OF INVESTMENTS
Voya Global Advantage and Premium Opportunity Fund

as of May 31, 2015 (Unaudited) (Continued)

 

A summary of derivative instruments by primary risk exposure is outlined in the following tables.

 

The fair value of derivative instruments as of May 31, 2015 was as follows:

 

   Fair Value 
Derivatives not accounted for as hedging instruments      
         
Asset Derivatives  Instrument Type     
Foreign exchange contracts  Forward foreign currency contracts  $224,461 
Equity contracts  Futures contracts   32,361 
Total Asset Derivatives     $256,822 
         
Liability Derivatives  Instrument Type     
Foreign exchange contracts  Forward foreign currency contracts  $331,621 
Equity contracts  Futures contracts   161,998 
Equity contracts  Written options   1,160,713 
Total Liability Derivatives     $1,654,332 

 

The following is a summary by counterparty of the fair value of OTC derivative instruments subject to Master Netting Agreements and collateral pledged (received), if any, at May 31, 2015:

 

   Barclays Bank PLC   BNP Paribas Bank   Citigroup, Inc.   Morgan Stanley   Royal Bank of Scotland Group PLC   Totals 
Assets:                              
Forward foreign currency contracts  $-   $84,903   $-   $-   $139,558   $224,461 
Total Assets  $-   $84,903   $-   $-   $139,558   $224,461 
                               
Liabilities:                              
Forward foreign currency contracts  $-   $331,621   $-   $-   $-   $331,621 
Written options   298,900    32,777    531,129    297,907    -    1,160,713 
Total Liabilities  $298,900   $364,398   $531,129   $297,907   $-   $1,492,334 
                               
Net OTC derivative instruments by counterparty, at fair value  $(298,900)  $(279,495)  $(531,129)  $(297,907)  $139,558    (1,267,873)
                               
Total collateral pledged by the Fund/(Received from counterparty)  $50,000   $(490,000)  $-   $420,000   $-   $(20,000)
                               
Net Exposure(1)  $(248,900)  $(769,495)  $(531,129)  $122,093   $139,558   $(1,287,873)

 

(1)Positive net exposure represents amounts due from each respective counterparty. Negative exposure represents amounts due from the Fund.

 

 
 

 

Item 2. Controls and Procedures.

 

(a)Based on our evaluation conducted within 90 days of the filing date, hereof, the design and operation of the registrant’s disclosure controls and procedures are effective to ensure that material information relating to the registrant is made known to the certifying officers by others within the appropriate entities, particularly during the period in which Forms N-Q are being prepared, and the registrant’s disclosure controls and procedures allow timely preparation and review of the information for the registrant’s Form N-Q and the officer certifications of such Form N-Q.

 

(b)There were no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2 under the Act (17 CFR 270.30a-2) is attached hereto as EX-99.CERT.

 

 
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant): Voya Global Advantage and Premium Opportunity Fund

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 24, 2015  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By /s/ Shaun P. Mathews  
  Shaun P. Mathews  
  President and Chief Executive Officer  
     
Date: July 24, 2015  
     
By /s/ Todd Modic  
  Todd Modic  
  Senior Vice President and Chief Financial Officer  
     
Date: July 24, 2015